Credit: Original article published by newsbtc.

Ethereum started a downside correction from a new all-time high at $1,697 against the US Dollar. ETH price is holding gains above $1,600 and it could start a fresh increase.

  • Ethereum started a downside correction below the $1,650 and $1,620 levels.
  • The price is still trading well above $1,600 and the 100 hourly simple moving average.
  • There is a key contracting triangle forming with resistance near $1,655 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is likely to resume higher once it clears the $1,655 and $1,660 resistance levels in the near term.

Ethereum Price Remains Steady

After setting a new all-time high near $1,697, Ethereum started a short-term downside correction. ETH traded below the $1,650 and $1,620 support levels. There was also a spike below the $1,600 level, but the price recovered quickly.

Ether is now trading well above $1,600 and the 100 hourly simple moving average. The recent swing low was formed near $1,589 before the price climbed above $1,620.

There was a break above the 50% Fib retracement level of the recent decline from the $1,672 high to $1,589 low. It seems like there is a key contracting triangle forming with resistance near $1,655 on the hourly chart of ETH/USD.

Source: ETHUSD on TradingView.com

The triangle resistance is close to the 76.4% Fib retracement level of the recent decline from the $1,672 high to $1,589 low. If there is a close above the triangle resistance at $1,655 and $1,660, ether price might start a fresh increase.

In the stated case, it could even surpass the $1,700 level in the near term. The next major resistance for the bulls above $1,700 might be $1,735 (a key fib extension level).

Dips Supported in ETH?

If Ethereum fails to clear the $1,655 resistance level and the triangle upper trend line, it could correct further lower. On the downside, an initial support is near the triangle lower trend line at $1,585.

A downside break below the triangle support could push the price towards the $1,550 support zone. Any more losses is likely to lead the price towards the $1,500 support region in the coming sessions.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is slowly gaining momentum in the bullish zone.

Hourly RSIThe RSI for ETH/USD is currently just above the 50 level.

Major Support Level – $1,585

Major Resistance Level – $1,660

This article is strictly for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. CryptosOnline.com does not provide investment, tax, legal, business or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any loss or damage caused or alleged to be caused by, or in connection with, the use of or reliance on any content, goods, services or opinions mentioned in this article.

#Bitcoin #Crypto #Cryptocurrency

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